Cardano (ADA) edged higher to $0.70 (+2.2%) on Wednesday as on-chain data showed large holders buying the dip.
Whale and mid-tier wallets snapped up roughly 200 million ADA over 48 hours, about $140 million at recent prices, after last week’s volatility knocked the market lower. The build-up comes as the project readies the Cardano Summit in Berlin (Nov. 12–13), adding a fresh narrative tailwind into Q4.
Analytics platforms tracking address cohorts report renewed accumulation, with 10–100million ADA and over 1 billion ADA wallets expanding balances. Similarly, network “spent coin” metrics declined by 51%, suggesting fewer coins are moving to sell and that distribution is easing.
Adding fuel to the thesis, eToro launched ADA staking in the U.S., potentially opening rewards access to over 40 million users and reducing liquid supply as holders lock tokens.
Strategists argue these catalysts, paired with bargain hunting from whales, can help stabilize spot liquidity after the broader market shake-out.
Technically, Cardano rebounded from the $0.61 swing low and is attempting to reclaim short-term signals. Bulls first want a clean move through $0.73 (recent pivot / 0.236 Fib area).
Above that, chart watchers flag $0.86 as a major resistance repeatedly capping rallies; a breakout there exposes $1.01 and $1.12 as subsequent targets, aligning with an ascending-channel upper bound on higher time frames.
On the downside, $0.61 remains the must-hold support; a daily close below would risk a deeper revisit toward $0.50–$0.60 and delay any trend resumption. A decisive push through $0.73, and especially $0.86, would strengthen the case for a broader recovery leg, while failure to hold $0.61 puts ADA back in consolidation.
Cover image from ChatGPT, ADAUSD chart from Tradingview
